I am disappointed to report that Ofgem, the UK energy regulator, has increased the energy price cap for domestic households in the UK by a whopping 80%, taking the average gas and electricity bill to £3,549 a year.
This increase is scheduled to be applied from October 2022, and with Ofgem increasing the frequency of reviews of the cap from 6 to 3 months, we can expect a further increase in January, possibly to over £5,000.
I understand the rationale behind increasing the cap, Ofgem are reflecting the soaring increases in the global wholesale energy markets, to avoid further failure of energy firms in the market, which would create even more uncertainty and costs for consumers.
That is why I, The Money Blogger, is calling on the government to take decisive action to protect lower and middle income householders in the UK. Sir Keir Starmer, leader of the opposition has at least put a credible proposal of freezing the cap as of now for 6 months, which would save the average household over £700 in the next 6 months. The current government need to get their act together quickly and put a plan in place to help protect consumers, as the costs for energy are becoming ridiculous.
I say, if the Conservative party cant govern, then pass the baton to someone else who can, such as Labour leader Sir Keir Starmer, who is serious about protecting consumers and the vulnerable in society.
Don’t let energy prices stress you out, if you feel that you cant cope with the every increasing prices, then there are institutions which can help, you can reach out to The Citizens Advice Bureau free of charge. Furthermore, there has never been a better time to start a side hustle, and we could all do with some extra income right now, check out our homepage for guides on making money online.